Bear’s Blog

CPAs are dedicated to the highest standards of honesty, integrity and independence. We are knowledgeable in our field and stay informed of the constant regulatory changes. To be licensed to practice in Florida, a CPA must have completed a fifth year of college; have passed a comprehensive, two-day examination covering accounting practice and...

WASHINGTON — The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. The Tax Cuts and Jobs Act (TCJA), passed in December 2017,...

WASHINGTON –The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the IRS has recently updated a...

Guess What! We have some very Exciting News!!  WE ARE MOVING BACK HOME! Where is Home you may be asking?? After nearly 20 years, our firm is moving just a little over one block away. We are happy to be returning to our original location, our old yellow house at 252 West Olympia Avenue. Thankfully, we still own the building and after much...

The IRS offers several payment options where taxpayers can pay immediately or arrange to pay in installments. Taxpayers should not ignore a bill from the IRS because as more time passes, interest and penalties accumulate. Here are some ways to make payments: Direct Pay. Taxpayers can pay tax bills directly from a checking or savings account free...

Taxpayers who sell a home may qualify to exclude from their income all or part of any gain from the sale. Below are some things taxpayers should keep in mind when selling a home: Ownership and use. To claim the exclusion, the homeowner must meet the ownership and use tests. During a five-year period ending on the date of the sale, the homeowner...

Taxpayers who give money or goods to a charity may be able to claim a deduction on their 2017 federal tax return, which basically reduces the amount of their taxable income. Here are some important facts about charitable donations: Qualified charities. To receive a deduction, taxpayers must donate to a qualified charity. To check the status of a...

WASHINGTON – The IRS is urging victims of last year’s hurricanes, especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria, to see if they qualify for the Earned Income Tax Credit (EITC). According to the IRS, many people whose incomes dropped in 2017 may be eligible to choose a special option for figuring the EITC, a...

The IRS reminds taxpayers who want to file a 2016 tax return electronically to do so by Saturday, Nov. 18, 2017. This includes taxpayers in disaster areas. Taxpayers will still be able to file paper tax returns after that date. The IRS will shut down their e-file system after Nov. 18 to perform annual maintenance. The agency will also be...

New business owners have tax-related things to do before launching their companies. IRS.gov has resources to help. Here are some items to consider before scheduling a ribbon-cutting event. Choose a business structure When starting a business, an owner must decide what type of entity it will be. This type determines which tax forms a business...

WASHINGTON – The Internal Revenue Service today offered a rundown of key tax relief that has been made available to victims of Hurricanes Harvey, Irma and Maria.In general, the IRS is now providing relief to individuals and businesses anywhere in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas. Because this relief...

WASHINGTON –– Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. Today’s relief parallels that granted last month to victims of Hurricane Harvey. This includes an additional filing...

WASHINGTON ― The Internal Revenue Service today issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, people should be aware...

IRS Cautions Taxpayers to Watch for Summertime Scams IR-2017-112, June 26, 2017 WASHINGTON – The Internal Revenue Service today issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that...

IRS Tax Tip 2017-25, March 7, 2017 Taxpayers who received unemployment benefits need to remember that it may be taxable. Here are five key facts about unemployment: Unemployment is Taxable. Include all unemployment compensation as income for the year. Taxpayers should receive a Form 1099-G, Certain Government Payments, by Jan. 31. This form shows...

Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS offers the following six tips to help taxpayers decide: Use IRS Free File. Most taxpayers qualify to use free,...

Check Out These Tax Benefits for Parents Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return: • Dependent. Most of the time, taxpayers can claim their child as a dependent. Use the Interactive Tax Assistant to help determine who can be claimed as a...

W-2 & 1099's: New Due Date: Jan. 31, 2017 Information must be submitted by: Jan. 9, 2017 Partnership Form 1065: New Due Date: March 15, 2017 Corporate Tax Form 1120: New due date: April 15th Corporate Tax Form 1120S: Stayed the same - Due March 15th FinCEN (FBAR): New Due Date: April 15th Form 1041 now has automatic extension to Sept. 30th...

The IRS expects to issue more than nine out of 10 refunds in less than 21 days. However, the Protecting Americans from Tax Hikes (PATH) Act mandates the IRS hold refunds on tax returns claiming the EITC or the Additional Child Tax Credit (ACTC) until mid-February. The change helps ensure that taxpayers get the refund they are owed by giving the...

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must meet three requirements: 1. The move must closely relate to the start of work. Generally, you can consider moving...